Found Equipment - Equipment that is located in a unit's space which is not on the unit's inventory list and has a fair market value of $500 or more.

G

General Ledger - The General Ledger module is the core of the Finance System. General Ledger supports comprehensive Fund accounting, including general encumbrance accounting.

Gift-in-kind - A non-monetary gift of tangible real and personal property that is given to the University of Illinois.

Group Asset (or Group Collection) - An assemblage of tangible personal property items that possess a similar purpose and use.

H

Hierarchy - A hierarchy in C-FOAPAL code segment reflects the relationships among its levels and supports roll-up reporting. The Fund, Organization, Account, Program, and Location codes are organized using reporting relationships between the different levels of codes.

Historic Treasure - A unique tangible object that holds value because of its association with historical events, accomplishments, persons, cultures, or eras.

I

Inexhaustible Asset - An asset that is cared for with the intent to prevent it from deteriorating over time and to preserve it forever.

Inexhaustible Collection - A collection whose contents are cared for with the intent of preserving them forever.

Inventoriable Equipment - Equipment that is tracked in Banner for inventory purposes.

L

Label - An adhesive sticker that is physically attached to an asset in order to identify it.

Legacy Asset - An asset that was acquired prior to Banner implementation on July 1, 2003.

Location Code - A code to designate physical places or sites, such as building and room number.

N

Non-Controlled Equipment - Equipment that costs between $100 and $499.99 which is not tracked in Banner for inventory purposes.

O

Organization Code - A code used to identify a functional reporting unit (such as a school, college, or department) with discrete financial activities.

P

Parent-Child (or Parent-Component) Relationship - An asset that has a main part (parent) and subordinate parts (child/children or components) which is identified as a single asset for inventory purposes.

Property Accounting - The methods used by the University to account for the cost of fixed assets and track their location and use.

Property Contact - An individual from a department who is tasked with performing certain property accounting duties and liaisons with University Property Accounting and Reporting (UPAR).

R

Reconciliation - The act of balancing the department's statements with the transactions it conducted during the month or year.

S

Supplies - Items costing less than $100, which are not labeled or tracked in Banner for inventory purposes.

T

Tag - A reference number used to identify an asset.

U

Useful Life - The length of time that an asset is expected to be used.

W

Work of Art - A unique tangible object that holds value as an original artistic impression.